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Extended Stay Misses Q2 Forecast

FORT LAUDERDALE, FL-The locally based developer-operator of extended stay lodging properties reports a 3.1% decrease in second-quarter revenue per available room and a 5% drop in occupancy.

By David R. Corder | Updated on July 19, 2001

FORT LAUDERDALE, FL-Extended Stay America Inc. missed the second-quarter earnings forecast, while reporting a 5% decrease in hotel occupancy and a 3.1% drop in revenue per available room.

The Fort Lauderdale-based developer-operator of extended-stay lodging properties, currently in the process of relocating to Spartanburg, SC, posted net income of $20.45 million, or 21 cents a share, on revenue of $143 million for the three months ended June 30, compared with net of $21.3 million, or 22 cents per share, on revenue of $133 million for the same period in 2000.

Earnings per share of 21 cents missed the quarterly forecast of 24 cents, as tracked by Thompson/First Call. It was the first time in the past five quarters the company missed the market forecast.

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